ARFIN: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
ARFIN
Largest movements
- Tangible fixed assets +€472,411
up €472,411 (+8.9%), from €5.3m to €5.8m
of which Land and buildings: +€451,634
- Receivables within one year +€239,516
up €239,516 (+284.0%), from €84,347 to €323,863
of which Other amounts receivable: +€276,569
- Current investments -€133,467
down €133,467 (-16.3%), from €818,978 to €685,511
- Other debts +€366,318
up €366,318 (+894.2%), from €40,967 to €407,284
- Reserves +€287,954
up €287,954 (+6.5%), from €4.4m to €4.7m
of which Distributable reserves: +€274,821
- Debts after one year -€174,384
down €174,384 (-11.9%), from €1.5m to €1.3m
- Short-term financial debts +€102,414
up €102,414 (+1606.7%), from €6,374 to €108,788
- Trade debts -€101,842
down €101,842 (-90.6%), from €112,441 to €10,600
- Depreciation -€144,320
down €144,320 (-36.5%), from €395,527 to €251,207
- Financial income +€124,847
up €124,847 (+989.5%), from €12,617 to €137,464
- Gross operating margin -€23,450
down €23,450 (-7.5%), from €311,213 to €287,763
- Other operating charges +€14,224
up €14,224 (+55.0%), from €25,841 to €40,065
- Financial charges +€11,387
up €11,387 (+34.2%), from €33,289 to €44,676
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,276,497 | €6,806,202 | +€529,705 | +8.4% |
| Fixed assets | 21/28 | €5,310,283 | €5,782,694 | +€472,411 | +8.9% |
| Tangible fixed assets | 22/27 | €5,310,283 | €5,782,694 | +€472,411 | +8.9% |
| Land and buildings | 22 | €5,274,477 | €5,726,111 | +€451,634 | +8.6% |
| Plant, machinery and equipment | 23 | €218 | €80 | -€137 | -63.2% |
| Furniture and vehicles | 24 | €35,588 | €56,503 | +€20,914 | +58.8% |
| Current assets | 29/58 | €966,214 | €1,023,509 | +€57,294 | +5.9% |
| Amounts receivable within one year | 40/41 | €84,347 | €323,863 | +€239,516 | +284.0% |
| Trade receivables | 40 | €37,303 | €250 | -€37,053 | -99.3% |
| Other amounts receivable | 41 | €47,044 | €323,613 | +€276,569 | +587.9% |
| Current investments | 50/53 | €818,978 | €685,511 | -€133,467 | -16.3% |
| Cash at bank and in hand | 54/58 | €56,259 | €5,259 | -€51,000 | -90.7% |
| Deferred charges and accrued income | 490/1 | €6,630 | €8,876 | +€2,246 | +33.9% |
| Total equity and liabilities | 10/49 | €6,276,497 | €6,806,202 | +€529,705 | +8.4% |
| Equity | 10/15 | €4,456,336 | €4,801,164 | +€344,827 | +7.7% |
| Contributions | 10/11 | €37,160 | €94,033 | +€56,873 | +153.1% |
| Reserves | 13 | €4,419,176 | €4,707,131 | +€287,954 | +6.5% |
| Non-distributable reserves | 130/1 | €3,716 | - | -€3,716 | |
| Reserves not available under the articles | 1311 | €3,716 | - | -€3,716 | |
| Tax-exempt reserves | 132 | - | €16,849 | +€16,849 | |
| Distributable reserves | 133 | €4,415,461 | €4,690,282 | +€274,821 | +6.2% |
| Provisions and deferred taxes | 16 | - | €5,616 | +€5,616 | |
| Deferred taxes | 168 | - | €5,616 | +€5,616 | |
| Amounts payable | 17/49 | €1,820,161 | €1,999,423 | +€179,262 | +9.8% |
| Amounts payable after more than one year | 17 | €1,460,046 | €1,285,662 | -€174,384 | -11.9% |
| Financial debts | 170/4 | €1,460,046 | €1,285,662 | -€174,384 | -11.9% |
| Amounts payable within one year | 42/48 | €355,793 | €705,706 | +€349,913 | +98.3% |
| Current portion of amounts payable after more than one year | 42 | €193,410 | €174,384 | -€19,026 | -9.8% |
| Financial debts | 43 | €6,374 | €108,788 | +€102,414 | +1606.7% |
| Credit institutions | 430/8 | €6,374 | €108,788 | +€102,414 | +1606.7% |
| Trade debts | 44 | €112,441 | €10,600 | -€101,842 | -90.6% |
| Suppliers | 440/4 | €112,441 | €10,600 | -€101,842 | -90.6% |
| Taxes, remuneration and social security | 45 | €2,601 | €4,650 | +€2,049 | +78.8% |
| Taxes | 450/3 | €2,601 | €4,650 | +€2,049 | +78.8% |
| Other amounts payable | 47/48 | €40,967 | €407,284 | +€366,318 | +894.2% |
| Accrued charges and deferred income | 492/3 | €4,323 | €8,055 | +€3,733 | +86.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €395,527 | €251,207 | -€144,320 | -36.5% |
| Other operating charges | 640/8 | €25,841 | €40,065 | +€14,224 | +55.0% |
| Gross operating margin | 9900 | €311,213 | €287,763 | -€23,450 | -7.5% |
| Operating profit (loss) | 9901 | -€110,155 | -€3,509 | +€106,646 | +96.8% |
| Financial income | 75/76B | €12,617 | €137,464 | +€124,847 | +989.5% |
| Recurring financial income | 75 | €12,617 | €137,464 | +€124,847 | +989.5% |
| Financial charges | 65/66B | €33,289 | €44,676 | +€11,387 | +34.2% |
| Recurring financial charges | 65 | €33,289 | €44,676 | +€11,387 | +34.2% |
| Profit (loss) for the period before taxes | 9903 | -€130,828 | €89,279 | +€220,107 | |
| Income taxes | 67/77 | -€2,049 | €5,222 | +€7,271 | |
| Profit (loss) for the period | 9904 | -€128,779 | €84,057 | +€212,837 | |
| Profit (loss) for the period to be appropriated | 9905 | -€128,779 | €84,057 | +€212,837 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.